Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was considered that gold has the role of a safe haven, an increasing number of recent works challenge such a point of view. The emergence of cryptocurrencies after the Global financial crisis has opened up numerous questions, one of them being whether cryptocurrencies, as an asset (money) independent of governments, can play the role of safe haven. Therefore, the paper examines whether gold and bitcoin, the latter as the best representative of crypto-currencies, can play the role of safe haven in relation to European indices. In the paper, this hypothesis was confirmed for gold and rejected for bitcoin.

中文翻译：

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黄金和比特币是欧洲指数的避风港吗？

最近发生的许多动荡事件引发了可以发挥避风港作用的资产问题。尽管多年来人们一直认为黄金具有避风港的作用，但最近越来越多的作品挑战了这种观点。全球金融危机后加密货币的出现引发了诸多问题，其中之一就是加密货币作为一种独立于政府的资产（货币）能否起到避风港的作用。因此，本文考察了黄金和比特币作为加密货币的最佳代表，能否发挥欧洲指数的避风港作用。在论文中，这一假设在黄金中得到证实，在比特币中被否决。